s 43

Complying approved deposit fund

In force

An entity is a complying approved deposit fund in relation to a year of income for the purposes of this Division if:

(a)

at all times during the year of income when the entity was in existence, the entity was a resident approved deposit fund; and

(b)

any of the following conditions is satisfied:

(i)

the trustee did not contravene any of the regulatory provisions in relation to the entity in respect of the year of income;

(ii)

both:

(A)

the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and

(B)

each contravention was rectified within a period of 30 days after the trustee became aware of the contravention or within such further period as APRA allows;

(iii)

both:

(A)

the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and

(B)

APRA is satisfied that the seriousness or frequency, or both, of the contraventions does not warrant the giving of a notice stating that the entity is not a complying approved deposit fund in relation to the year of income;

(iv)

APRA, after considering all relevant circumstances, thinks that a notice should be given stating that the entity is a complying approved deposit fund in relation to the year of income.

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